Omaha daily bee., 1887-12-01
A RELAPSE AND COLLAPSE.
Isaac Wells Bankrupt Store Made
So in Fact.
A FATAL RAILWAY ACCIDENT.
Sam Anderson Killed While Trying to
Board an Engine-Stealing Sand
-Cupid's Captures-A Fire.
man Remembered.
The We'll Failure.

Yesterday morning the Bankrupt
stock OF clothing, etc, at No. 5O6
Broadway was taken possession of by
the sheriff and the doors closed. On
inquiry the following facts were devel-
oped For thirty-one years past Isaac
We'll had conducted an immense retail
clothing business, having houses at st.
Joseph and Kansas City, Mo. About a
year ago he was forced by the tide of
adversely to make an assignment. The
failure was for $4,000. He settled
with his local creditors at 20 cents, and
with his outside creditors at 40 cents on
the dollar. In order to continue busi
ness and realize as much as possible
from his assets he secured hackers to
his paper in the persons of j. and N.
Lorlie. He was to make his payments
in four installmcnts. The first one of
100000 was paid last August The
second one is not yet due, but find
ing it impossible to meet these pay
ments when due, he made a full assign
ment on Tuesday.
Soon after the first break portion Of
the st. Joe stock was shipped here and
dioIilcf loI W NldN NcHlcf, hdn. nest
stores were conducted by sons of Mr..
We'll, Benjamin +. being assigned to
the Council Bluffs store.
Mr.. We'll has attempted to bridge over
his present difficulties by instituting
small commercial loans. One was made
by Otiiccr& Pusey short time ago to the
amount of 1000, another was made by
Benjamin +. We'll for 81 1868. When
these loans were made it was expressly
stipulated that in case of difficulty these
parties should be amply protected, and
as security chattcl mortgages were given
On the stock here. Tuesday evening
last Officer e. Pusey were notified by
We'll of the impending crash. and yes
terday morning at o'clock the mort
gage of Benjamin f. We'll was filed for
foreclosure, and ten minutes later Off
Ger & Pusey followed. The first was
made subject to the latter and the stock
was taken possession of on Officer e.
Pusey's mortgage. Within IA short time
the claims of other creditors appeared.
Seligman, May ~ Co., of New York.
81 1000. and Morris. Newburger e. Co.. of
Philadelphia. $4,000. These claims with
many other which are expected to ap-
pear, are against the original stock land
were covered bv the first settlement.
Everything the Wells possess is being
taken by their creditors to satisfy their
claims
1t is a significant fact that for years
not a single failure has occurred anon @
the merchants who have been in busi-
ness long enough to establish them
selves and become identified with the
business and interests of the city.
There have been several failures, it is
true, but they have been, without an
exception, similar to this of We'll. Be-
coming embarrassed elsewhere. and find
ing moving u necessity, they have come
here. Another loud-speaking fact is
that these persons, like We'll, have gen.
orally done we'll on their local business
and made some money, and had they
not been embarrassed before coming
here failure would not have followed.
Council Bluffs has good, reliable pnr-
chasing public. This is the testimony
of the merchants. No important line Of
business is overdone, which is evidenced
by general prosperity in all departments
OF trade. This city is willing to father
its own reputation and in all points of
advantage compare with the world.